It’s a story as old as time. A politician promises everyone a free lunch but forgets to mention that someone has to pay for it. The promises sound wonderful, but eventually, the people with the money get tired of picking up the tab.

These feel-good policies always follow the same script. They start with grand claims of fairness and end with empty storefronts and crumbling buildings. It is a predictable cycle of ruin, one that sensible people can see coming from a mile away.

That predictable story is now threatening to play out in America’s largest city. Zohran Mamdani, a self-described democratic socialist, won the Democratic primary for mayor of New York. And his agenda is a five-alarm fire for anyone who understands basic economics.

From Daily Wire:

New York City landlords and real estate developers are panicking about the prospect of Zohran Mamdani becoming mayor, frantically throwing money at his opponents and threatening to leave the city altogether…

One New York real estate mogul, Marc Holliday, chief executive of the real estate investment trust SL Green, hosted a cocktail fundraising event on the rooftop of one of his Manhattan office towers on Wednesday to raise money for incumbent Mayor Eric Adams, who is running as an independent.

The Socialist Playbook

Mamdani’s platform is a laundry list of radical ideas. He wants to freeze rent on two million apartments, a move that would financially cripple the property owners who maintain the city’s housing. He has also floated replacing private homes with “communal living,” complete with shared kitchens and bathhouses.

But that’s not all. He also wants to create government-run grocery stores, make buses and universities free, and provide free childcare. To top it off, he plans to raise the minimum wage to $30 an hour and spend $65 million on transgender drugs and surgeries.

The Landlords Get Cold Feet

The city’s real estate moguls are not waiting around to see what happens. They are in a full-blown panic, throwing money at his opponent, incumbent Mayor Eric Adams, who is running as an independent. Fundraisers with $2,000 tickets are being held to build a war chest against Mamdani’s radical vision.

The people who own and manage property in New York are doing more than just donating to campaigns. They are planning their exit strategy. Why would they stay in a city that sees them as an enemy?

One real estate broker noted that landlords are already “evaluating out-of-state investments as a safer, more profitable alternative.” Capital has legs, and it will walk away from a hostile environment. If Mamdani wins, he may find himself the mayor of a city with a rapidly shrinking tax base to pay for all his “free” programs.

This isn’t just a New York problem. It’s a cautionary tale for the nation. Socialists always promise a utopia, but when the people who build and invest flee, they always leave behind an empty city and broken promises.

Key Takeaways

• A socialist mayoral candidate in NYC is pushing a radical anti-business agenda.
• His platform includes rent freezes and replacing private homes with communal living.
• Investors and landlords are threatening to pull their capital out of the city.
• Hostile policies against private property inevitably lead to economic decline.

Sources: Daily Wire, Fox Business